The timing of environmental analysis and judicial review presents critical issues of interpretation under the National Environmental Policy Act (NEPA). Courts must be able to review an agency's compliance with NEPA before the agency makes major decisions, and before it invests significant resources that can compromise environmental review. Agencies must not be allowed to delay environmental review just because necessary data and research are difficult to obtain, or environmental impacts are uncertain. This Article discusses how the courts have handled these timing problems.

A recent headline on the front page of the Wall Street Journal hailed the opening of the nation's first "butterfly bank." The "deposits" in this unusual bank are conservation credits earned by preserving an important area of habitat for the Quino checkerspot butterfly, an endangered species restricted to California. The bank's intended customers are other landowners who hope to develop other sites where the butterfly occurs. In order to do so, they can buy credits from the private entrepreneur who established the butterfly bank.

Editors' Summary

 In November 1995, five federal agencies—the U.S. Army Corps of Engineers (the Corps), the U.S. Environmental Protection Agency (EPA), the Natural Resources Conservation Service, the U.S. Fish and Wildlife Service (FWS), and the National Oceanic and Atmospheric Administration—issued joint guidance concerning wetland mitigation banking. The guidance's chief virtue is its detailed explanation of the approval process for the establishment and operation of mitigation banks. Its chief flaw, however, flows from the complexity of this approval process.